Undoubtedly, People in the US are inclined toward Medical Billing Consulting Services due to their numerous benefits. This inclination has urged healthcare industries to utilize advanced technologies to streamline the medical billing process. Thus, new technologies are continuously integrated into medical billing procedures to enhance their reliability and effectiveness.
In this blog, we will explore the various arrays of trends and advanced technologies that are currently being used for optimizing medical billing practices in 2023 or potentially to be used in the future(2024).
● AI (Artificial Intelligence)
Manual medical billing is a time and resource-consuming process that often leads to more chances of ambiguity when gathering patients’ medical data, However, the revolution of AI has completely transformed medical billing.
AI streamlines medical billing procedures by swiftly collecting patients’ data and then effectively proceeding with the data for the next steps.
The CAC (computer-assisted coding) software is integrated with AI and NLP ((Natural Language Processing) to analyze patients’ data and assist in generating and assigning accurate codes for claims. This integration not only minimizes errors but also reduces labor costs and saves dollars.
Accurate medical coding is a critical task as claims rely upon these codes, hence the advancement in the healthcare industry introduces the use of Machine learning(a form of AI) to enhance coding efficiency. It assists in analyzing old medical data, identifying errors in claims, and optimizing coding procedures.
As time evolves, AI is completely automating the medical billing procedure, generating and sending billing claims to companies and patients automatically. In the future, it is predicted that AI may completely diminish human involvement in medical billing.
● Blockchain
Blockchain is another advanced technology that is being utilized by various industries, including the healthcare industry.
As we have already discussed, the medical billing process is complex and mistake-prone due to manual work. Patient-sensitive data is shared between involved parties in inefficient ways without encryption. However, the emergence of blockchain has updated and streamlined medical billing procedures.
The crucial benefit of blockchain is its support of digital currencies for payment clearance.
It acts as a digital ledger in medical billing, securely transferring and storing records of data among different parties, including patients, healthcare providers, and insurance agencies.
However, it is in the evolution stage, so it could offer more benefits for the healthcare industry in the future.
● EHR (Electronic Health Records) System
Introduced in 1990, the EHR system represents the medical record of patients in digital format. By 2000, many healthcare providers began implementing EHR for patient care. After COVID-19, it has continued as a top trend in the healthcare industry.
The efficiency of medical coding and billing is enhanced by the EHR system, as it stores patient detailed data in an accurate form that helps to prevent claims denials and rejections.
They streamline the medical billing process by reducing documentation work which leads to savings in cost and resources.
Some electronic health records systems are integrated with coding tools to generate precise codes by leveraging the provided medical information. This integration reduces code errors and streamlines the revenue cycle management in the healthcare industry
● Robotic Process Automation
Research shows that, due to technological advancements in various industries, people in the healthcare industry have shifted toward leveraging advanced technologies to optimize medical billing systems as well.
RPA is one of these advancements that have the potential to enhance the efficiency and accuracy of medical billing services by automating repetitive steps. It helps to lessen human workload and speeds up claim processing, resulting in cost savings.
At times, RPA is integrated with EHR, and robots automatically fill in patient information to reduce the chances of errors in digitized data and decrease the levels of claim denials. This, in turn, could optimize the workflow of the billing process.
● Cloud-Based Systems
Cloud-based software like AdvancedMD, DrChrono, NextGen Office, and many more have revolutionized medical billing operations by providing assessability, security, and integration.
This cloud-based medical billing solution enables medical billing services provider to store their billing data on remote servers regardless of the size of the data and have the capability to store patient information for a long time.
Additionally, it provides ease of integration with various billing tools and helps in generating and managing claims with more accuracy and security by leveraging various algorithms and automation tools.
● Telehealth
Telehealth services often known as telemedicine were introduced a long time ago in the US but people became more familiar with them when the pandemic COVID-19 started.
The delivery of remote patient care has become a prominent trend after COVID-19. The transformation of telehealth in healthcare industries significantly impacted medical billing practices as well. Telehealth improves efficiency and accuracy in the medical billing process.
At present, It is integrated with other billing tools such as electronic health records and billing software which streamlines billing operations. It improves data sharing, maintains patient records, generates precise codes, and ensures reimbursement for remote patient care services
Conclusion
It’s evident now how vastly technological advancements can benefit various industries, including healthcare. They hold the potential and power to alter operations and workflows. Looking ahead, these technologies could automate nearly every human task, ultimately reducing costs and saving time.